This is the Level ADA Needs to Break to Soar Higher (Cardano Price Analysis)

cropped potato fav2 32x32 1

Cardano had an excellent week after a significant rally. However, the momentum appears to be stalling now.

Key Support levels: $0.38, $0.33

Key Resistance levels: $0.42, $0.50

As soon as ADA moved above $0.40, the bulls were unable to take the price much higher as they were stopped by the key resistance at $0.42. The support is at $0.38, and buyers managed to use this level as a pivot for their most recent rally. Should they fail to break the resistance, then ADA could fall back to the key support.

ADAUSDT_2022-10-31_16-35-59
Chart by TradingView

Technical Indicators

Trading Volume: The volume has been declining ever since ADA broke above $0.40. This is not encouraging for bulls.

RSI: The daily RSI remains above 50 points but is struggling to move higher.

MACD: The daily MACD is bullish. However, the histogram has made a lower high which could signal a possible reversal in the current trend if this continues.

ADAUSDT_2022-10-31_16-36-21
Chart by TradingView

Bias

The bias for ADA is neutral.

Short-Term Prediction for ADA Price

ADA appears to be found at a crossroads, with the price stuck between $0.38 and $0.42. A clean break from this range is necessary to allow the price to attract new volume and expand further. The weekly timeframe remains bullish. Hence, ADA has a better chance of moving above the key resistance and towards half a dollar in the future.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.